How to File Your BOI as a Content Creator
Did you know how much paperwork would be involved when you started creating content? You probably expected some contracts when working with brands, but there are a lot of tax forms that you will have to fill out. One of the newest forms business owners need to fill out is the Beneficial Ownership Information (BOI) form. We’re here to help you with a quick guide on how to file your BOI as a content creator.
Let’s get into it!
What is the BOI form?
The Beneficial Ownership Information form gathers information about who owns and/or controls a company. You can fill it out online yourself. You’ll need to provide names, birth dates, addresses, and copies of government-issued IDs for everyone who is an owner of your business. (If that’s just you, then that’s all the info you need to provide.)
You’ll also need to provide the identifying information about your business, such as the legal name of the business, any “doing business as” names, the tax ID number, and the jurisdiction in which the business was formed.
This form was created as part of the Corporate Transparency Act to help prevent people from using shell corporations to hide income or make it look like it came from different sources.
What is a beneficial owner?
A beneficial owner is someone who is either the stated owner of a company or someone who exerts substantial control over a company through ownership of another company that controls 25% or more of the reporting company’s interests.
In many cases with content creators, you’re the only beneficial owner. However, you may also share ownership with a spouse or business partner(s). In that case, all of you would be considered beneficial owners and would need to be disclosed on the BOI form.
Who needs to file a BOI?
Sole proprietors don’t need to file a BOI. But we don’t recommend using that business structure as a content creator. Instead, we recommend that content creators create an LLC to protect their personal assets (along with many other benefits). LLC and S corp owners do need to file a BOI.
Where do I file a BOI?
The U.S. Financial Crimes Enforcement Network (FinCEN) is where you file your BOI. We know that sounds scary, but they are the division of the Department of Treasury that is tasked with managing the BOIs so they have access to find what they call “bad actors,” people who are using shell corporations to hide their involvement in a company for some reason.
You have the option of downloading a PDF from their website or filling out an online form. You can authorize a representative to fill it out for you.
BOI filing is free, so be wary of any notices you receive from third parties looking to charge you for filing on your behalf. If you receive any letters regarding BOI with “Urgent” listed, it’s most likely someone trying to take advantage of you.
Who can access a completed BOI?
Access to the information on a BOI form is limited to certain federal agencies with a legitimate reason, financial institutions if you consent, and law enforcement with authorization from the court. These forms are not available to the public, so you don’t need to worry about members of the general public gaining access to your private information. This can be especially important for content creators whose fans may feel a parasocial connection and who might be looking for access to private data.
How often do you need to update a BOI form?
Unless there is a change in beneficial ownership, address, or other provided information, you shouldn’t need to provide updates. If there is a change or an error, you have 30 days to submit updated information.
Conclusion
While the paperwork of running a business may seem like a real hassle, this is one form you can take care of quickly and easily so you don’t have to worry about it.
If you are hoping to remove more worries from your business, why not book a call with us to see how we can simplify the paperwork and numbers side so you can focus on the things you love about content creation?
